Record-breaking quarterly reports seem to be the trend for the mining sector lately, as battery metals miner IGO joins the fray.
IGO’s underlying EBITDA (earning before interest, taxes, depreciation and amortisation) was recorded at $834 million for the half-year, compared with $226 million reported in the previous corresponding period.
Another record high was net profits after tax, reaching $591 million compared with the reported $91 million in the first half of 2022.
The company said this reflects the growth in its share of net profits from the Tianqi Lithium Energy Australian (TLEA) joint venture.
Revenue for the half-year also increased by 43 per cent.
In October 2022, the company was rocked by the unexpected death of managing director Peter Bradford.
“The loss of our managing director Peter Bradford … came as a devastating shock to the IGO family,” acting chief executive officer Matt Dusci said.
“While we continue to mourn his loss, our people remain determined to deliver on Bradford’s aspiration to make a difference and make the planet better for future generations.
“Despite our loss, we are delighted to report a highly successful and profitable half-year result, with the strength of our lithium business helping drive record earnings, record net profit and declaration of a record interim dividend.
“Strong lithium prices combined with a growing production profile at Greenbushes generated outstanding financial returns for shareholders, while the team continues to focus on expanding the mine and processing capacity to deliver on future production growth.
“At Kwinana, the declaration of commercial production from Train 1 was a key milestone for the half-year and we remain focused on progressing the ramp-up of Train 1 and financial investment decision on Train 2 over 2023.”
The Greenbushes operation, in which IGO holds a 24.99 per cent interest, recorded sales revenue for the half-year of $4.2 billion and produced 379,000 tonnes of spodumene.